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What are payment services?

Payment services include:

  • credit transfers between payment accounts
  • card payment purchases
  • direct payments
  • payments by mobile phone to third parties
  • money remittance

Provision of payment services typically refers to a situation where a service provider acting as an intermediary between the payer and the payee transfers funds between them in accordance with instructions.

This transfer of funds may result from payment of a commodity or service to the seller or simply from a consumer’s request for transfer of funds between his or her own payment accounts.

What is a SEPA credit transfer?

All euro-denominated payments in the Single Euro Payments Area can be paid using SEPA credit transfers. SEPA credit transfers must include details of the payee’s International Bank Account Number (IBAN) and of his or her bank’s Bank Identifier Code (BIC). The IBAN account number can be checked from the account statement, online or at the bank.

Who is responsible for ensuring that the payment information is correct?

As the payer, you are responsible for the accuracy of the information you provide. The following details, at least, must be given: information on the payer, information on the payee and amount of payment. The payer should take special care to ensure that the account number of the payee is correct, as the bank is not obliged to check the accuracy of account number or to match the account number with the payee.

Can I cancel a payment?

You can, free of charge, cancel a payment instruction or change the due date or amount of the payment by notifying the bank of this in the agreed manner no later than the business day preceding the due date. Cancellation may also be possible later, if separately agreed, but this might not be free of charge.

What is the bank’s liability in the event of errors?

If the bank has failed to execute a payment instruction or has made an error in executing it, the amount of the transaction must be refunded without undue delay. On your request, the bank must also take measures immediately to trace the transaction. The bank is also liable to refund any expenses charged and compensate you for any interest loss.

For entitlement to the above-mentioned refunds and remedies, you must inform the bank of the error as soon as you discover it, and no later than 13 months after your account was debited or credited. No entitlement to remedy arises, of course, if the error or delay was caused by you. In addition to the above-mentioned remedies, you may also be entitled to compensation for loss or damages.

What happens if I accidently give an incorrect account number?

If you have given the bank an incorrect account number and the payment has, for example, been made to the wrong person’s account, the bank is not obliged to refund the amount paid or to trace the transaction. Although the bank is not responsible for the error, the bank is nevertheless obliged to take reasonable measures to retrieve the funds.

In these situations, you should contact your own bank to resolve the situation. The bank may charge the actual costs arising from these efforts.